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tv   Real Money With Ali Velshi  Al Jazeera  September 26, 2014 7:00pm-8:01pm EDT

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shure from los angeles. thank you as always. on behalf of the entire tame at al jazeera america. i'm david shuster. "real money with ali velshi" is next. >> it is the country that could be a game changer in america's fight against i.s.i.l. i'll look at what it could take to get turkey on board. also, the rock star prime minister, raising cash for college education, college students try to crowd fund their degree. i'm ali velshi and this is "real money."
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this is "real money" and you are the most important part of the show. hit me up at facebook.com/ali velshi. president obama's war in syria and iraq is going incorporate without turkey. it sits on the borders of syria and iraq but turkey has its own issues. and turkey's president recep tayyip erdogan, first and foremost, erdogan wants the u.s. and the international community to commit to the removal of syrian president bashar al-assad. in that vein, the turkish president renewed his call today for a no fly zone in syria to protect rebel held areas of the
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country from syrian government air strikes. now on the international front, the coalition that president obama is assembling against i.s.i.l. is growing. u.s. and five arab allies, saudi arabia, jordan, united arab emirates qatar and bahrain, said they would join the military effort in iraq but are still holding back on joining the effort in syria. i.s.i.l. is changing their approach. ditching big truck convoys for motorcycles. deserting checkpoints and pulling back from front line positions and i.s.i.l. fighters are going around planting the group's black flags on i mostly
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empty homes, to try oconfuse drones. -- to confuses drones. and strikes overnight hit three i.s.i.l. oil refineries in eastern syria. that's a further attempt to undermine the group's ability to raise money and fund its operations. the elicit oil smuggling operations cross into turkey so for that reason and more turkey will be crucial in any effort to eraid kate i.s.i.l. mary snow snow has got more. >> as tensions escalate along turkey's border with syria, pressure builds on turkey, there are calls for it to join the u.s. and other countries in fighting against i.s.i.l. its involvement is key starting with its location. its border with syria stretches more than 500 miles and as the u.s. targets i.s.i.l. oil
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refineries to choke off financing forth for the group, s used to smuggle out oil. >> if turkey can play a stronger role in inte ininterdicting thi, that's the biggest role turkey could get out of the involvement. >> letting the u.s. operate from the u.s. air base in interlict not far from syria's border would help also. >> to sustain the number sorties it has so far and if it can get closer to the battle space by utilizing air assets to get the turkish forces involved that would be the ideal outcome for united states. >> but turkey remains restrained and with different objectives than u.s. right now it's the region's biggest wild card.
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mary snow, al jazeera. >> jamal, was in israel's taximm square, on board a turkish ship, and meeting with aids of turkish president erdogan. jamal, thank you for being with us. you have been talking to the turks. it has been called a reluctantly partner in the fight against i.s.i.l. what is the position of the turks now? >> the turks they stand a lot more to lose than anyone else because of the geographic nature of where they sit, as you showed in the introduction. borders with syria and iraq means they are primary at threat, when there's any
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overflown, with bombs going over at the border, in places in syria and cu see the same over-- you can see the same over iraq. it is easier for i.s.i.l. to take the battle to turkey than london or new york or other places. they believe their fight has to be a lot more long term in terms of its strategy. they believe the way you go about these issues is trying to have a political program to combat this, coupled will military approach. they believe the military approach on its own is not sufficient and in many respects back fires in terms of what's trying to be achieved. and they point to for example the invasion of iraq and other things like that and the fact that there are a lot of i.s.i.l. fighters who are former inmates of abu ghraib and other areas in
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iraq and therefore it has to be more significant, particularly when it comes to syria. turkey invested a lot in terms of what they believe being supporting the democratic movement of syria which came out after the breakout of the revolution which ended up being a civil war. they believe there is a double standard and that is what one aid told me, how the world mobilized all these heavy machinery and armaments to combat i.s.i.l. who have killed a few hundred or a few thousand people whereas, assad's government has killed many thousands. >> you were in taxim square. you know that turkey has spent 90 years or more turning towards west and it would have culminated in membership in the european union and being a
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western-facing country, the fact that they straddle europe and asia. that is not going to happen, europe has turned its back on welcoming turkey and that turned i feel the turkish people inward. their relationship with the islamic world and i.s.i.l. in particular. >> well, turkey is very cost mow cosmopolitan, there isn't a general view, there is a diversity within the political side and actually we've seen that come to light particularly over the past few months where on the one hand turkey has welcomed not only tens of thousands, perhaps over 100,000, refugees, believe that the government has kind of got them wrangled into affairs that they shouldn't be concerned with.
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but to understand this you have to understand the father of this political point of view, he is the current prime minister, former foreign milpitas, redoglu, who had the idea of no trouble with our neighbors, which is an attempt to open up good relationship with all the neighboring countries with turkey. that ended up being more trouble for turkey because what they did was sided with the people of those countries. people of syria when they revolted, meant they had diplomatic problems with the regimes there. there isn't a uniform perspective on this in terms of the public opinion however there is still a lot of popularity for the government which means there's a lot of popularity for their foreign policy as well. >> interesting perspective, jamal. we tend to paint everywhere with the same brush but pointing that out about turkey is important.
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thank you very much. joining me from washington, you've seen our reporting you've heard this conversation. why is turkey sort of imposing, they haven't stated it as a condition but they've stated they want this no fly zone. they want to enforce something that makes it hard for the syrian regime of bashar al-assad to remain in power. that is not something that the western countries have been focusing on especially those involved in the air strikes now. >> i see as a target, i.s.i.s. is a threat to turkey, but the way i.s.i.s. looks at iraq and syria, stabilizing, and secondly and more importantly, ousting the assad regime in damascus. that is not a top objective in
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washington right now. the turks want to see a comprehensive plan on both syria and iraq, not only degrades i.s.i.s. but stabilizes their plan, the one that goes after the assad regime. >> if i can deduce, it's more important for turkey to get rid of the assad regime than to get rid of i.s.i.l? >> absolutely. turkey has done some very unique things in the first time in its history. turkey has supported the policy of regime change in a neighboring country that has failed. so far the assad regime has stayed put. now, turkey is involved in a civil war because it supports one of the warring parties. the turks are fearful if the assad regime is not ousted, the war will spill across their
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borders and create a huge amount of instability. that is a foreign policy priority, more than degrading and defeating i.s.i.s. not that turkey doesn't see i.s.i.s. as a threat, but the top objective is going after assad. >> which is interesting, there's what 800 miles of border between turkey and iraq and turkey and syria. one might argue that syria is not as failed a state as iraq is but turkey's line is to make a failed state out of that as well. >> well i think turkey is seeing that it has two destabilized states south of its border. turkey has physically lost contact with the middle east, ironically as it is trying to become a middle east power, no contact with the middle east, both of its borders are closed so the turks are finding out it is not so easy to become a middle east power. they don't have the proxies to
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follow the policy of regime change in syria can, which is pushing towards pert relationship with the kurds in that country. the kurds not only are a proxy for turks in iraq and syria, but a border between instability, an sectarian war in iraq and syria and to turkey to the north. >> better the enemy you know. is it important to have turkey part of the this thing or can the destruction and degradation of i.s.i.l. continue without it? >> it can continue without it. air strikes are possible without turkey and right now they are being conducted without turkey, they are easier and less complicated with turkey. planes from turkish air bases can stay in the air longer and not have to go back to refuel as opposed to the gulf and american
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air carriers. this is easier with turkish participation and i think in the absence of a grand agreement, on a comprehensive solution to both iraq and syria, the many problems there, we're going osee that turkish earts -- to see that turk ishes participation is real, turkey is part of the antii.s.i.s. coalition, make no mistake but offering other elements of intelligence cooperation an and logistics but probably no strikes from turkey in the near term. >> thank you professor. the stock market is booming the bosses are hiring but a lot of you are simply not feeling it. i'm going to look at why, coming up. plus the man who has promised to change india, that's going to be harder than his millions of fans
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might think. might think.
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>> the u.s. economy caught fire in the spring in a good way by the way.the government said that gross domestic product, that's the largest measure of all that we produce, jumped 4.6% from april through june. that was faster than the initial
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estimates and it's the fastest pace in more than two years. but don't forget that severe winter weather caused the economy to shrink in the first three months of the year. economists predict the climb will continue i in the rest of e year. americans may be willing to start spending again but economist steve resutto said not so fast. that doesn't mean you're outspending your hard earned cash. that matters more than what happened last quarter. steve is a good friend of our show, joins us again. stock market hitting new highs, you saw that gdp growth. , home prices still going up slower pace. how is it that people are not feeg thifeeling this? >> the problem is, the individual households, when you
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look at the gdp numbers, you see over the first two quarters of the year, aggregate corporate profits for entire economy actually contracted. which means to me, since corporate america is trying to generate profits they're at the point where they say wait a second, we have to pull back on labor again. we have had a nice runup on labor in the last six to nine months but we're going to reverse that a little bit, lose a bit of that momentum. it's not the glass is half empty or half full, the glass is half. >> that's a little low. for perspective, for those of us who really don't follow gdp, what capacity would you like to have? >> we'd love to be at 3% -- >> you're running a little fast you can run off that capacity. >> you can bring those people back into the labor market,
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generate income and create a self full tilling growth strategy. right now we're shy of that and that's part of the problem. and the volume estimate that you're seeing in things like gdp -- >> let's make it here. that's what makes it hard to tell this story. you're not supposed to let gdp do that. there's got to be a trend somewhere. >> draw a line at 2%, that's where we really are. >> labor which the most importantly thing to you as an individual is the most fungible. it's the things that businesses can shed or gain the most easily. >> it's the easiest way to juice profits is reducing cost, euphemism of reducing employment, cutting compensation. it's the big problem in this business cycle that the share of national income the oversight aggregate level of income created economy, the share of the corporate sector is rising while the share going to the
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household sector is declining. we can't get more than 2% consumer spending. 2% of consumer spending means one and three quarter percent contribution to growth. >> do these numbers mean what we think they mean? we hope that people are feeling better but i look at india and china where their economic growth has been much stronger and faster than ours albeit from a lower base. but rising tide doesn't raise all boats in this case. >> export to growth models at the end of the day means there has to be somebody outside the country that buys the goods and services. so only a select group of people, the people that have the skills, the people that migrate into the city, become urban dwellers those are the ones who reap the benefit. the hope is if you create more and more you'll create a self fulfilling demand but we're not
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seeing that happening. we're seeing an competenc excess and services. all that discussion of high fpped, there was nothing in your comment -- high gdp, there's nothing in your commentary about inflation. >> not enough buyers worldwide. always, a pleasure to see you. narendra modi, there's a reason why people love this guy. i'm going to tell you why they think he's going to change the country. plus, eric holder's holding the banks responsible for the financial crisis.
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>> india's prime minister, narendra modi arrived in new york and on sunday he'll be treated like a rock star.
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he heads to the white house on where he'll have a private dinner with president obama. this is the first official visit since his land slide victory in may. written a letter urging president obama to press modi to reform what they call the -- what they call india's unfair trade practices. meantime, modi has hand picked six american ceos, for private meetings. this is all part of a charm offensive to entice u.s. businesses back to india, a country analysts say is on the cusp of explosive growth. india's prime minister narendra modi is a man with a mission. the prime minister knows he can't deliver without building ties with american business leaders. >> what mr. modi is hoping to do is really change the perception
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of india as a economy that is mired in low growth and lots of infrastructure problems. he wants to shift that perception to the notion of india being a dynamic economy with very strong prospects for growth and being a very fertile ground for foreign investors especially u.s. investors. >> it is an attractive sales pitch. l home to more than 1.2 billion people and a middle class on the rise india represents one of the fastest growing markets. consumer spending is expected to quadruple in the next decade to $4.3 trillion in 2023. with that potential comes concerns about the country's legendary bureaucracy and its disregard of intellectual property rights. in one recent example the indian are patent office granted a
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patent to natco over the concerns of bayer onyx. >> there is a concern that indian pharmaceutical manufacturers, generate questions of drugs by reverse engineering drugs produced by american manufacturers. and then sell them relatively cheaply, not just in the indian marketplace but also more widely. >> american manufacturers also claim of protectionism. high import taxes restrict goods into india. everything from retail to e-commerce to real estate. but like retail itself, complaints run both ways. highly skilled workers for high skilled technology companies,
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restrictions on u.s. immigration. >> there is a sense having ind indian workers come to the u.s. and have their skills used in industry here can eventually leave them with skills that serve india really well when they go back to india. >> prime minister modi already scored a major coup. following a three day visit to new delhi last month, chuck hagel announced a plan to introduce weapons on indian soil, the solder javelin antitank missile currently produced by raytheon. spurring growth under manufacturing and technology companies but for modi the big win lies with the private sector. convincing american ceos is the
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first step for his making the vision for indiana a reality. economist jugwish da isgwati, one of the people narendra modi spoke to about his economic agenda before he was elected. bagwati says it's time to show the same openness than he did in the state of gujwath, professor great to have you here. >> great to be here. >> you me and narendra modi all come from the same place, from gudrat. what is that miracle that he did in gudrat that elevated him to rock star status? >> he understands gudratis because they have been involved for millennia in external trade
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and so on. he understood that you need to have openness to trade and foreign investment. no gudrati is afraid of trade because he thinks it's the other guy who should be afraid of trade. they always expect to win. he managed to jump start the economy in a very big way. on foreign investment also, he would clear licenses within a week. i've known many people who are aton thaished it coul -- astonid that it could be done. that is at the heart of the prosperity in gudrath. there's there is a tradition of social spending and as the economy prospered, a lot of the money was plowed back into education, health care for the poor. >> and toilets as he said in his campaign. >> and toilets. model works on two legs.
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creating prosperity but not too much self indulgence but using it to help the poor. >> okay, you look at the u.s. model and you understand that in in this country we complain of change. i always find when i talk to indians about their government it's like talking to americans about their government. too bureaucratic, not too much gets done. hard to turn the ship around. but in terms of bureaucracy and the legal system. >> enormously, multiple ethnicities, different state, far more worrisome than over here. >> when i look back to when obama was elected, traveling around the world, when modi goes to madison square garden, are the expectations very high? >> very high. the last four years of the last government the system had ground to a halt and i think people tend to extrapolate from the last two years, last three years and that's a bit exaggerated.
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but groceries have gone down and social spending had increased under the previous and it's a very simple thing. you are increasing your expenditure and not getting more revenue you don't have to go to columbia university and be my student to get that. >> he's meeting with ceos, he's hand picked a few of them. they would all love to be doing business in india with 1.3 billion people and a growing middle class. india has been its own worst enemy in bringing in foreign investment. >> that's been a problem many years, very hard to kill that. this guy knows -- is race to power depends on having done these things you see. so i think it is something which is scalable. there's no reason why he shouldn't be able to do it and also, it ties into foreign policy. because the more he opens up the market the more our businessmen here will love it.
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because nobody here, i think in his right mind, expects that they'll get special treatment. >> right. >> if the system opens up we'll sufficiently confident in our country here to know that we can actually compete with the other guys on equal terms. that's what we're looking for. once modi makes credible promises which i think he will, it's only been 120 days, the whole relationship will begin to change. i don't believe that the business of americans is business. i mean that's carrying it too far but i don't know, any country where the prospect of being able to -- >> to 1.3 billion people won't entice you. great to see you. we talked to you during the election before the election, professor at columbia university great to have you here. >> nice to see you. >> in the wake of the financial
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crisis many americans wanted to see attorney general eric holder bring down the big ones in business. well, six years later, i'll introduce you to the wall street person who claims holder ended up being the best friend financial fraudsters could ever have. i'll make sure he can back it up, next.
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>> by now you know that attorney
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general eric holder is on the way out and many critics are rejoicing. but it's just a new spin on an old story. consider that while the name's changed the job seems to entail two main roles. serve as a lightning rod for all those who oppose power. janet reno was criticized because they said she trampled on the issue of waco, texas. it is little surprise that eric holder had numerous critics from day 1. as we discussed last night, one critique has never gone away from those who feel his justice department let those in charge of the financial crisis off too easy. let's quickly look back at what
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those critics are talking about. mary snow has got the story. >> in the last year u.s. attorney general acre holder reached record settlements with banks for their role in the financial crease cr crisis. the most recent coming just last month. >> the department of justice has reached a settlement with bank of america totaling 6.6 in penalties and consumer relief. >> but those billion dollar fines say consumers mark a dramatic change. >> there's a dramatic difference between the early holder and the later holder. >> hsbc settlement in 2013 saw the bank find but no individuals were held responsible. critics charged holder wasn't aggressive enough. >> i'm concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them, when we are hit with indications that if you do
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prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy. >> comments like those stoke controversy but holder distanced himself from them. >> no institution is too large to prosecute. we have to put that myth to rest once and for all. >> but observers say, while he's gotten more aggressive individuals at the center of the banking crisis haven't been prosecuted. >> several hundred executives were indicted and went to prison. here we don't have a major prosecution of a senior executive at a major bank.
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>> arguing, attorney general holder represents the worst strategic failure against white collar crime in the history of the department of justice. you were there. executives in the '80s were all convicted of break a law. virtually nobody has been convicted of breaking a law, the laws weren't there to break. >> no. the laws were there. it's the same laws that were used for the same fraudulent crimes in the savings and loan debacle and the enron era, felony convictions designated as major and we hyperprioritized the savings and loan cases working with the fbi to create the top 100 list of the worst fraud schemes, involved 300 institutions, over 300 institutions and over 600 individuals, they were virtually all prosecuted, had the best
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criminal defense lawyers in the world, the u.s. does lead the world in some things, and 90% conviction rate, virtually the same conviction rate in enron. and now we see the first sin without conviction in the c suites. >> they kept on turning cutting deals cutting deals convicting getting higher and higher up the food chain until you had the big guys. >> that's the way it always works and by the way that's what's different from your report. it is not simply that they have failed to prosecute the kerries and coos and such. -- the ceos and coos and such. they haven't prosecuted say a chief loan officer at the bank. so they have not even tried to do what we call flipping those
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lower level employees. >> although -- i read your column and everybody should read it with great interest. but remember, that the attorney general has u.s. attorneys who also work there and the u.s. attorney for southern manhattan has had 85 insider trading convictions and guilty pleas from hedge fund traders and analysts and others. does that count? >> sure it counts but it doesn't count in anything that caused the crisis. those people should certainly be prosecuted but they have nothing to do with causing the crisis. conversely the big banks did. what do we know? we know from the year 2000 the appraisers put a petition in writing saying that they were being extorted by the lenders to inflate appraisals. no honest banker would do that. we have surveys in 2003 and 2006 that show the percentage of
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appraisers extorted went up from 55% to 90%. we have a study by the industry's own anti-fraud experts that found that liars loans had a 90% fraud index. we had investigations by the iowa ag who was a senior in the overall justice department task force that says their investigations confirmed that it was overwhelmingly the lenders who put the lies in liar at loans. once these frauds are originated they have to be sold to the secondary market through false reps and warranties which are in fact frawj fraudulent.and we had from clayton the leading due diligence firm, from 26 to 27 when the secondary market collapsed 46% of the reps and warranties were false. so we know we have endemic fraud we have -- >> let me ask you this.
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because you wrote it in your column and mary put it in her story, that is, the attorney general saying there was danger in going too hard after a big bank because they were warned that if you did that particularly at a time when the economy was substantially more fragile than now you might cause economic damage and hardship beyond the scope of what you intended. >> right. my response is we now know modern financial reergt regulate more fiskted than we had realized, key to achieve being financial stability. >> is that -- was that bad advice? why would eric holder and the president have gone down that road? was it, you want your legacy to be economic improvement? why would they have made a conscious decision not to go after bankers if they had the authority and the law behind
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them, they could have turned up whistle blowers until they turned up a major banker or two or three. >> because the major contributors of political parties are big finance and in particular, the only reason president obama is president obama is the ability to win the democratic nomination which is a major upset as you recall. and he was able to out-raise hillary clinton who was a historic friend of the banks. so there's that. second thing is, what people don't understand of course is that banks don't make criminal referrals against their own ceos. those criminal referrals can only come from the banking regulatory agencies, in the savings and loan crisis which was less than 1/100th of this, our agency made 30,000 criminal referrals. that same agency in this
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massively greater crisis made zero criminal referrals because it did so under the bush administration they eliminated the criminal referral process. now obviously they are responsible for that but eric holder could have reestablished the criminal referral process with one e-mail to the regulatory agencies an he has failed to do so despite very substantial criticism by people like me. then senator obama running for the first time for president, filmed one of the his advertisements in our living room a mile from where i am in this studio interviewing me. >> no kidding. we'll have to look that one up. william black, professor of economics at university of missouri. kansas city. investor suggesting aol and yahoo, former tech giants might need to rescue each other. stay with you. you.
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us.pps .
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>> shares of yahoo jumped nearly four and a half percent today, active investor has acquired a interest in the struggling internet company.
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telling marissa mayer what she ought to do, recommending she do a deal and combine yahoo with aol, another troubled internet company. starburden said she could unlock $1 billion in, so-called syner synergy. chinese company ali paba,'s initial public offering, it is unclear if anything yahoo does at this point will provide the secret sauce to improve the company's long term potential and stay competitive. that's the view of michael de la merced. he joins me now. michael maybe it's because i've been dealing with i.s.i.l. and turkey and clinton global, i don't know what sense this makes. yahoo is a company that is struggling to remain relevant. aol is -- everybody tells me
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they are great companies and they are just not now. >> they have kind of fallen by the way side, they have been eclipped by facebook, twitter, google. starbird says it makes sense to combine them. >> the only thing that makes sense of this is content. marissa meyer has been big about the fact they got katie couric, and is that where the game is for these companies? >> aol has huffington post, and yahoo has katie ceu couric, and david pogue. >> in a world where ads are being more commoditized, it is hard tore keep people around.
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some people have special sauce. do you see any special sauce coming from a mix like this? >> it's kind of tough. this kind of deal has been talked about for a while. people talk about it in new york and silicon valley. they don't think it makes enough sense for these two companies. >> yahoo has not been fantastic. it makes acquisitions, doesn't necessarily do the best ones. it has avoided and fought off mergers, microsoft made a bit for yahoo at one point. >> that's right. starburden has said over-d starbird has said, it its profit have gone down. they don't want to make any other deals other than aol. >> the silicon valley investor you talked to said that yahoo needs to be rewired. it didn't get acquired by several billion dollars.
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it's a big big company, it's got its way of doing things yeah, absolutely. when they're going up against younger companies that can move faster, how cu compete against that? you don't have the technology or the special sauce. it's hard tore buy companies as well. people say i want to go to facebook, i wants to go to google, i'm not sure i want to go to yahoo. >> if this deal were to happen, they were to approach each other and make a deal, yahoo aol would that be remotely exciting? >> it would be a little exciting to those of us who love watching mergers but it's thought clear it's going to be enough. some analysts i've spoken to have said it would be an okay deal but not a game changing deal. that's what ya 00 need yahoo nee most. >> i come from cnn, when people hear about merger they don't
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know what that means. michaels de la merced. thank you for being here. students struggling to pay for a college education, so far this year more than $10 million has been raised and distributed, to cover division bills and pay down student debt. critics warn that crowd funding is not a vinyl solution for the billions of -- a viable solution for the billions of debt that americans cover. tell that to the crowd funded cash. one man who credits his social network with bringing him a step closer to graduation. >> reporter: 24-year-old isaac campbell tries squeeze in time to take photographs. >> i'm a broke college student. >> going to class during the day at purchase college. >> what's the degree you are going to get? >> degree in arts management. >> how close are you actually to
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getting it? >> i am 28 credits away. >> reporter: he's a little more than two semesters away from a bachelor's degree, thanks oa crowd funding campaign he started. isaac ray id more than $5,000 in a few months. >> go fund me is a big thing pride wise to swallow and actually be able to ask. >> the number of its web pages devoted to education funding shot up from just 2,000, four years ago to more than 100,000 today. as of september, those pages together raised roughly $13 million in 2014. go fund me is only a growing list of crowd funding sites picking up like scholar match, give college.com and grad save gifts. each claims a portion of the money raised as a fee.
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>> these sites seem to come and go. >> mark says, crowned funding is increasingly popular among students because more and more are taking out loans to pay for school. up from about 45% in 1993 to roughly 70% today the average class of 2014 graduated has $33,000 of student debt. advisors caution, the majority of students never reach their fundraising goal. >> i don't think this has the opportunity for lock term success as an alternative to -- long term success as an alternative to student loan. it will be part of the plan for paying for college but just a drop in the bucket. >> go fund me tells al jazeera, its a common myth that strangers will donate. in reality it is your personal network of friends and family that will support your cause. the more you put into it the more you will get out of it. >> you have to shove it down
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their throats. that's people were sick of me, but that's how bad i need to graduate. >> asking friends to share his story and reminding people how close he is to success. >> i even have like the fricking person's name ready to go, i've got the diploma ready, good to go. >> you have everything -- >> except the diploma. >> with all that, it's just a matter of time it will duarte jeraldino. al jazeera, new york. >> outstanding student loan debt reached $1.2 trillion in may. that is more than consumer credit card debt and second only to home mortgages. and paying for college is one of the things facing young teen aimingers chronicles in edge of eighteen. take a look.
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>> i.t. really big, it's -- it's really big, really diverse. >> it doesn't seem to be a option for me, they're charging me out of state tuition which is more than i can ever afford. >> so i'm willing to like kind of throw myself out there and be like i really need help to pay for my tuition. i am writing regarding a personal matter. i'm looking for someone who might be the kind of heart to fund my education or offer me a personal loan at reasonable rates. willing to help students with academic potential but don't have the means to go to college. >> i'm looking for help wherever i can find it. i am hoping for anything to pursue engineering in asu. i'm not hoping to get responses back, one of the few choices i have.
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would be to this go to university to which they are really willing to go out of their way to help me but i don't like to be force intermediate any type of situation and i don't really want to go there. people say i really want to be challenging enough academically. at this point going to asu is really what i want. i'm definitely frustrated that i'm traveling so much to go to a state university in a state i grew up my whole life. i guess i'm resentful to the state of arizona for not sort of make this fair for everyone. >> that's from al jazeera america series edge of eighteen. the new episode airs 9 eastern, 6 pacific. leaders of the world will they back it up, putting a cap on a potentially historic week. my final thoughts are in two minutes.
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>> hi everyone, i'm john siegenthaler in new york. coming you up after "real money." more countries commit to fighting i.s.i.l. talking about boots on the ground. plus our special report war on truth, my conversation with an al jazeera colleague jailed in egypt for almost a year. thousands of flights grounded in chicago because of one person. and art in alcatraz, the artist himself jailed in china. right after "real money" we'll see you then.
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>> i'm ali velshi, the news has become this thing where you talk to experts about people, and al jazeera has really tried to talk to people, about their stories. we are not meant to be your first choice for entertainment. we are ment to be your first choice for the news. >> this week in new york we had a front row seat to big talk and big promises. climate change which featured president obama and just about everybody else you could possibly think of. the largest climate change rally in history. one of america's wealthiest old oil families was getting out of
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fossil fuels. i talked to jim kim about the industry's desire to end poverty by 2030. dealing with the threat of terror reaffirming america's role in a region that america may be in for decades to come. this occurred as missiles struck at i.s.i.l. and others. and of course it was another week when the world took testifies to try to contain the threat of ebola. concern of president clinton, at clinton global initiative. we get the problems. what are the solutions? we heard america's commitment to work on solutions, because the world is waiting. i'm ali velshi, have a great weekend. thank you for joining us.
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>> hi everyone, this is al jazeera america. i'm john siegenthaler in new york. signing on. more international partners join the fight against i.s.i.l. what will they do to help? war of words. israel fires back as the palestinian resident accuses it of genocide. >> war on troops, journalists jailed beheaded just for doing their job. >> 2,000 flights cancelled because of one

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